Mortgage Vs Rent
11 September 2007, 07:19 PM
#31
Guest
Posts: n/a
House prices look set to fall sharply (IMO - but look set to fall however you look at it) thanks to mortgage lenders pulling many mortgages and upping rates on many more - as well as tightening lending criteria.
Save your cash, rent for a couple of years and buy a cheaper house and get a smaller mortgage!
Save your cash, rent for a couple of years and buy a cheaper house and get a smaller mortgage!
how many years have you been on here saying prices were going to fall? Take this posters advice at your peril 
The only thing that is likely fall is the rate at which house prices go up.
11 September 2007, 07:36 PM
#32
Scooby Regular
Join Date: Sep 2003
Location: Scoobynet
Posts: 5,387
Likes: 0
Received 0 Likes
on
0 Posts
11 September 2007, 08:05 PM
#35
Scooby Regular
Join Date: Sep 2003
Location: Scoobynet
Posts: 5,387
Likes: 0
Received 0 Likes
on
0 Posts
11 September 2007, 11:24 PM
#37
Scooby Regular
Join Date: Sep 2001
Location: Suffolk
Posts: 1,822
Likes: 0
Received 0 Likes
on
0 Posts
For a 120k mortgage at the current rate would cost £720ish (cant remember the exact figure) a month. That was based on 30 years with a view of changing it down to 25 later on and between us we would be putting down about 30k deposit.
11 September 2007, 11:31 PM
#38
Scooby Senior
Join Date: Dec 2004
Location: Passing ...............
Posts: 13,320
Likes: 0
Received 0 Likes
on
0 Posts
Me and the girl friend recently went to find out about what mortgage we could get (we are first time buyers).
For a 120k mortgage at the current rate would cost £720ish (cant remember the exact figure) a month. That was based on 30 years with a view of changing it down to 25 later on and between us we would be putting down about 30k deposit.
For a 120k mortgage at the current rate would cost £720ish (cant remember the exact figure) a month. That was based on 30 years with a view of changing it down to 25 later on and between us we would be putting down about 30k deposit.
I can remember 5yrs ago i was paying that on a 150k property over 25yrs.
Wouldnt be me borrowing these days.
11 September 2007, 11:33 PM
#39
Owner of SNet
iTrader: (7)
Join Date: Oct 2003
Location: Berkshire
Posts: 11,513
Likes: 0
Received 0 Likes
on
0 Posts
LOL you've been playing that violin for years fella! I've an inkling (sp?) that the sun will turn in to a supernova sometime soon & take out planet earth at the same time ...
TX.
TX.
You mean "asking prices" rose 2% in July according to the most optimistic stats of that month, a month before the credit crunch started...
House prices look set to fall sharply (IMO - but look set to fall however you look at it) thanks to mortgage lenders pulling many mortgages and upping rates on many more - as well as tightening lending criteria.
House prices look set to fall sharply (IMO - but look set to fall however you look at it) thanks to mortgage lenders pulling many mortgages and upping rates on many more - as well as tightening lending criteria.
11 September 2007, 11:40 PM
#40
Owner of SNet
iTrader: (7)
Join Date: Oct 2003
Location: Berkshire
Posts: 11,513
Likes: 0
Received 0 Likes
on
0 Posts
The SN renters have already lost out on 10 / 11 years of mental house price increases. Don't feel sorry for them though as they've no doubt managed to save Millions during that time ...
TX.
TX.
12 September 2007, 12:29 AM
#42
Scooby Regular
Join Date: Nov 2000
Posts: 26,619
Likes: 0
Received 0 Likes
on
0 Posts
12 September 2007, 12:51 AM
#43
Scooby Regular
Join Date: Sep 2003
Location: Scoobynet
Posts: 5,387
Likes: 0
Received 0 Likes
on
0 Posts
Yeah Pete - you have been calling a crash for at least 3-4 years. In 4 years Belfast has seen average house price go from 62k to 246k. If we get back to 62k less your predicted 30% crash any time between now and 2011 (or 3011 if that suits) I will buy you any 10 houses of your choice - oh you probably wouldn't want them as they will be worthless eventually anyway
At the end of the day nobody can predict the future. Few would have forseen the flood of easy credit which has propped up the latest boom. IMO we are in for a heafty crash, but I guess we will have to take up this discussion in 3-4 months time (IMO crash will be underway by then) and see how things look then
Clearly a lot of people want prices to rise/stay high - obviously makes them feel wealthy - I think TX is in this catagory, but this doesnt mean prices will not crash. Lets just wait and see!
12 September 2007, 01:16 AM
#44
Scooby Regular
Join Date: Nov 2000
Posts: 26,619
Likes: 0
Received 0 Likes
on
0 Posts
How are you going to define the crash? Prices down 30% would be fairly serious if house price growth was 1% a year. However if it has been over 50% per year (in the case of Northern Ireland) for the last three years, with an incredible 42% in 3 months, then a 30% drop isn't really that bad.
Thread
Thread Starter
Forum
Replies
Last Post